WASHINGTON – Four years after passage of Check 21, the federal law that makes electronic images the same as legal tender has apparently come of age, with conversion of paper-to-electronic transactions exploding in the latter part of 2006. Data provided by the National Clearing House, which provides settlements for 608 financial institutions nationwide, show the number of items exchanged for 2006 more than tripled from the previous year to 670 million with a value of $626 billion. And images settled as a percent of total number of NCHA’s overall volume went from less than 1% in 2005 to 27% for 2006. Dallas-based NCHA also provides settlements for the Endpoint Exchange and Viewpointe networks. SVPCO-Electronic Clearing Services, which provides settlements for 17 of the world’s biggest banks, reported that the number of checks exchanged electronically in 2006 through its system surged 15-fold and the dollar value grew five-fold, compared to 2005. In comparison, the Federal Reserve reported just a 40.8% increase in dollar value for electronic image.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3